Dáil Éireann Debate, Tuesday - 25 September 2012
105. Deputy Pearse Doherty asked the Minister for Finance in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the steps NAMA has taken to ensure that no potential purchaser of assets associated with its loans, derives any advantage over competing purchasers as a result of obtaining unauthorised commercially sensitive information in relation to NAMA loans. [40286/12]
View answerI am advised by NAMA that it has instituted proceedings in the High Court against the former employee and his spouse seeking a number of reliefs, including an Order directing the former employee and his spouse to provide a full account on affidavit in respect of all confidential information that either of them has removed from NAMA, including the identity of all persons who have had access to the information or who have been made aware of its existence and/or contents and the identity of all persons to whom the information has been supplied. These proceedings are currently within the jurisdiction of the High Court. NAMA has also sought orders against any of the identified third party recipients.
I am advised that the sale of assets by NAMA debtors and receivers are conducted in line with NAMA Board guidelines, a requirement of which is that disposals are conducted on a competitive basis in accordance with prevailing market practices for the asset class and jurisdiction to which the sale relates. The guidelines require that sales agents prepare a final report and recommendation addressed to the debtor and copied to NAMA, including a summary of the marketing campaign, a list of all parties who expressed interest in acquiring the asset or were contacted during the marketing campaign and a recommendation as to the best price that is reasonably obtainable for the asset.
I am also advised that, in the case of the sale of loans or loan portfolios, it is common practice for NAMA and other loan vendors to establish data rooms which provide extensive information to potential purchasers on loans which are being made available for sale and on the collateral securing them. Potential purchasers must sign non-disclosure agreements before they are allowed to have access to such data. All potential purchasers of NAMA loans have access to the same information for any loan sales transactions being contemplated
While the review of the unauthorised documentation is still on-going, I am advised by NAMA that the level of information available to potential purchasers is significantly more detailed than any information that might have been included in the recent unauthorised disclosure of data by a former employee of NAMA. Therefore, NAMA does not anticipate that the recent unauthorised disclosure will have a material impact on the prices realised on its loan sales.
